What is the definition of oligolopoly?
A)a structure that has many buyers and sellers,but the products are differentiated on some basis
B)a structure where customers are willing to pay a little more for the unique feature that appeals to them
C)a structure that combines perfect competition and monopoly,but is closer to a competitive situation
D)a structure characterized by very few sellers and high barriers to entry

Question

Quizplus · Accepted Answer

Oligopoly is a market structure characterized by very few sellers, which makes it difficult for new firms to enter the market due to high barriers to entry, such as economies of scale or legal restrictions. The few firms in an oligopoly can affect the price, output, and quality of goods and services.

What Is the Definition of Oligolopoly